Tata Motors hikes prices of passenger vehicles for third time in 2023
BENGALURU, (Reuters) – Indian car maker Tata Motors (TAMO.NS) said on Monday it will increase prices of its passenger vehicles by an average 0.6% across models and variants from July 17.
The price hike is meant to offset the residual impact of past input costs, the company said in a statement.
Tata Motors had announced price hikes of 1.2% in January and 0.6% in April, citing increased input costs and regulatory changes, respectively.
The company’s total expenses for the quarter that ended March 31 climbed nearly 30% from a year earlier on an increase in the cost of materials consumed.
Vehicle prices across segments have increased in India after the government mandated automakers to fit them with a device to monitor emissions, sparking an increase in cost.
Reporting by Varun Vyas in Bengaluru; Editing by Nivedita Bhattacharjee and Dhanya Ann Thoppil